AR SB235

Creates the Voluntary Portable Benefit Account Act allowing independent contractors to open accounts for purchasing health insurance, income replacement insurance, life insurance, and retirement benefits

Permits hiring parties, internet-based companies, or independent contractors themselves to voluntarily contribute funds to these portable benefit accounts

Accounts are administered by approved providers including banks, investment management firms, or technology providers, and remain assigned to the independent contractor rather than any employer

Contributions to these accounts cannot be used as a criterion for determining a worker's employment classification status

Compensation withholdings for account contributions require express written agreement, must be voluntary with opt-in consent, and contractors may opt out at any time